Ethereum Could Resume Decline Below $1,100, Bears In Control


Ethereum is still in a bearish zone below $1,200 against the US Dollar. ETH could continue to decline unless it surpasses the resistance level at $1,280.

  • Ethereum is still in a downtrend below the $1,200 and $1,280 levels.
  • The price is now trading below $1250 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline below the $1,120 and $1,100 levels in the near term.

Ethereum price faces hurdles

Ethereum settled well below the $1,500 support area. The price traded as low as $1,073 and recently started trading Slight correction to the upside.

There was a recovery wave above the $1,120 and $1,150 levels. Ether price rose above the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to $1,072. However, the price is still trading below $1250 and 100-hour simple moving average.

The bears were active near the $1,260 resistance area. There is also a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD.

On the upside, there is an initial resistance near the $1240 level. The first major resistance is near the $1,280 and $1,300 levels. The 50% Fib retracement level of the recent decline from the $1,545 swing level to $1,072 is also near the $1,300 area.

Ethereum price

Source: ETHUSD on TradingView.com

A clear move above the trend line resistance and then $1,300 could start a recovery wave. The next major resistance is near the $1350 level and the 100 hourly simple moving average. Any further gains could start a move towards the $1440 resistance.

More losses in ETH?

If Ethereum fails to rise above the resistance at $1,280, it may continue to decline. There is initial support on the downside near the $1120 region.

The next major support is near the $1070 area. A clear move and a break below the $1070 area could put a lot of pressure on the bulls. In the mentioned case, the price may slide towards the $1,000 support area in the near term.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Key Support Level – $1,070

Key Resistance Level – $1,280



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